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Space Debris Monitoring and Removal Market Overview, Opportunities, Forecast to 2028| Key Players- Airbus S.A.S., Astroscale, BAE Systems, Electro-Optic Systems Pty Ltd, Lockheed Martin Corporation
Space Debris Monitoring and Removal Market
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List of Key Players Profiled in the Market Report:
Airbus S.A.S.
Astroscale
BAE Systems
Electro-Optic Systems Pty Ltd
Lockheed Martin Corporation
Northrop Grumman Corporation
Surrey Satellite Technology Ltd
The Boeing Company
Market Segmentation
Based on the application, the market is bifurcated into space debris monitoring and space debris removal. Moreover, on the basis of end-user, the market is segmented into commercial and defense. The geography of the market is spread across North America, Europe, Asia Pacific, and Rest of the World.
What Does the Report Contain?
The report is carefully tailored to meet the several needs of stakeholders in the space debris monitoring and removal industry. Details on market segments have been researched and meticulously studied to provide market projections. The future prospects of the market are listed in segments with the various challenges, opportunities, and scope of the same provided in a detailed manner. It also covers the key development in the industry to provide the client with up-to-date information.
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Driving Factor
Increasing Awareness Regarding Space Pollution to Propel Market Growth
Space debris is considered to be a hazard for several active spacecraft and satellites orbiting the earth. The space debris resulting from collisions of satellites or other space objects lead to the formation of several thousand new pieces that revolve in the atmosphere. The growing concern regarding the critical damage it can cause to active spacecraft missions has propelled the companies to adopt effective monitoring and removal of space debris solutions. For instance, in March 2021, Astroscale announced a mission, ELSA-d to test technologies that focus on capturing an object in Lower-Earth orbit and further move it to lower altitude. This will lead to the debris burning in the Earth’s atmosphere without causing any damage. Therefore, the increasing awareness regarding space pollution is expected to boost the global space debris monitoring and removal market growth during the forecast period.
Regional Insights
Increasing Space Missions to Boost Market in North America
North America is expected to remain dominant and hold the largest space debris monitoring and removal market share during the foreseeable future. Extensive expenditure in R&D and the growing number of space missions is projected to boost the market in the region.
Europe is expected to showcase significant growth with the presence of prominent players such as Airbus S.A.S in the region that will aid in the adoption of advanced space debris monitoring and removal solutions in the region.
Competitive Landscape
Prominent Companies Focus on Investment in R&D Activities to Strengthen Their Market Positions
The market’s competitive landscape consists of prominent players spread far and wide across the globe. This market requires extensive investment, along with research and development. The prominent companies are focusing on strategies such as product launches, product approvals, patents, inventions, and much more to keep up with the changing technology.
Industry Development:
December 2019 – The European Space Agency (ESA) awarded Clear Space the world’s first-ever contract to clear the space debris. The contract involves removal of debris consisting of defunct satellites and abandoned rocket stages.
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